North Coast Solar Stocks

September 8, 2009

Solar Thin Films Completes Reverse Stock Split and Changes Trading Symbol to SLTZ:OB

Filed under: SLTZ — Tags: , , , — Jason @ 1:31 pm

Tuesday September 8, 2009, 1:31 pm EDT

DIX HILLS, NY–(Marketwire – 09/08/09) – Solar Thin Films, Inc. (SLTZ) today announced that as of September 3, 2009, it completed a one-for-five reserve split of its outstanding shares of common stock. As a result each of the reverse split, each of the approximately 100.0 million previously outstanding shares represents 0.20 of a new share, and there are now approximately 20.0 million Solar Thin Films shares outstanding.

In addition, the Financial Industry Regulatory Authority (FINRA) agreed to change the trading symbol of Solar Thin Films shares on the OTC Bulletin Board from SLTN.OB to SLTZ.OB.

Robert M. Rubin, President of Solar Thin Films, commented, “We believe that this reverse stock split will help to rationalize our capital structure and will enable our Company shares to ultimately trade at levels that will more meaningfully reflect our anticipated growth, additional orders and return to profitability.”

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July 16, 2009

Solar Thin Films Announces First Delivery of New Product – Building Integrated Photovoltaic Line

Filed under: SLTZ — Tags: , , , — Jason @ 12:36 pm

Product Has Broad Application to Building Structures

Thursday July 16, 2009, 12:36 pm EDT

Solar Thin Films, Inc. (SLTN) today announced that its subsidiary Kraft Elektronikai Zrt. of Budapest, Hungary delivered and commenced installation of a building integrated photovoltaic (BIPV) line for Grupo Unisolar, S.A. of Spain. BIPV products provide substantial versatility in terms of its application as it allows for the integration of solar installations into building structures of all types. This represents the first such line delivered on a turnkey basis by Kraft and marks the entrance by Solar Thin Film’s subsidiary into a new product market.

Together with earlier shipments in 2009 and December of 2008, Kraft has now delivered equipment valued at 80% of the estimated total project value of 7.799 million Euros (or $10.9 million dollars at current exchange rates). Kraft anticipates that the growing demand for solar installations in Spain will provide for additional contract opportunities over the coming months.

“We are happy to announce that we have delivered our first turnkey building integrated photovoltaic manufacturing system — a first step in entering this new and important global market,” noted Dr. Lou Stamenic, Vice President, Business Development at Kraft. He added: “This is an important development step forward for Kraft since amorphous silicon thin-film material is so well suited for the BIPV marketplace. In addition to our current BIPV offering, which is capable of producing large size semi-transparent a-Si modules, we will soon offer equipment capable of producing both fully transparent and custom color a-Si modules.”

About Grupo Unisolar, S.A.

Grupo Unisolar, S.A. currently manufactures and markets its own line of solar thermal panels, and will soon enter the market with its own line of amorphous silicon modules manufactured using equipment provided by Solar Thin Films. The Company sells both modules and complete systems through dealers and directly into larger scale installations within Spain.

June 23, 2009

Solar Thin Films Proposed Subsidiary BudaSolar Ltd. Announces R&D Agreement With Bangkok Solar

Filed under: SLTZ — Tags: , , , — Jason @ 10:27 am

Project Targets Low Cost 8% Efficient Micro-morph Module

Tuesday June 23, 2009, 10:27 am EDT

Solar Thin Films, Inc. (SLTN) today announced that BudaSolar Ltd. has advised Solar Thin Films that it has entered into an R&D Cooperation Agreement with Bangkok Solar, Co. of Bangkok, Thailand, a major producer of amorphous silicon photovoltaic modules with over 50MW of current capacity. Solar Thin Films (“STF”) and its subsidiary Kraft Elektronikai Zrt (“Kraft”) have entered into an agreement with the shareholders of BudaSolar, which contemplates that Kraft will acquire 100% of the share capital of BudaSolar in exchange for 49% of the share capital of Kraft. Closing of the transaction is contemplated to occur in July or August 2009.

The goal of the BudaSolar collaboration with Bangkok Solar is to develop a micro-morph module with a minimum 8% efficiency using a modified version of batch process technology currently developed, manufactured and marketed by both Kraft and BudaSolar. Both Kraft and BudaSolar believe that this level of performance provided through the inclusion of a microcrystalline layer (“micromorph product”) could be of great benefit to potential customers as it is capable of increasing efficiency by as much as 30% percent more than currently available amorphous silicon modules.

“The results of the preliminary experiments we have made for confirmation of the development concept are really very promising,” said Dr. Istvn Krafcsik, CTO of BudaSolar, who played a key role in the production and installation of the Bangkok Solar production facility. “Just as the batch process has proved to be the most cost-efficient solution for the production of double junction amorphous silicon modules, so we expect a new modified version of that batch process to be the most cost effective solution for the production of higher efficiency micro-morph modules.”

The project, which will run through 2010, will also leverage work being completed under a separate contract awarded BudaSolar late in 2008 for micro-morph research.

“The advantage of working together with Bangkok Solar is that we gain access to both a production scale environment, to complement our lab work, and are able to work collaboratively with a very experienced manufacturing team with years of experience using the batch process technology,” noted Dr. Csaba Dcs, BudaSolar’s Head of Technology Development.

Mr. Sompong Nakornsri, CEO of Bangkok Solar, stated, “This collaboration is key to the future strategy and profitability of Bangkok Solar. Under current market conditions, increasing the efficiency of our modules in the near future is critical. We share the opinion of BudaSolar that creating a product with a microcrystalline layer — a micromorph product — is the best way to achieve desired efficiency increases, while maintaining or even improving on the existing cost advantage of the batch-type process.”

Peter Lewis, Group Vice President of STF’s Thin Film and Equipment Division, commented, “We are glad to hear of BudaSolar’s collaboration with Bangkok Solar, and believe this is a positive step towards further bringing down the production cost of photovoltaic systems in the very near future.”

About BudaSolar

BudaSolar (www.budasolar.hu) develops and markets “turnkey” solutions for the production of amorphous silicon photovoltaic modules.

About Bangkok Solar

Bangkok Solar (www.bangkoksolar.com), or BSC, is a subsidiary of Bangkok Cable seated in Thailand. BSC is the leading industrial amorphous silicon thin film manufacturer with 50MW of production capacity installed and a planned expansion to 100MW in 2010. Uniquely on the market, BSC has reached 7% efficiency at industrial scale using the amorphous silicon technology.

June 11, 2009

Solar Thin Films Announces Completion of Shipments for 6MW Line to Grupo Unisolar, S.A. Company Commences Installation of “Turnkey” Line

Filed under: SLTZ — Tags: , , — Jason @ 11:34 am

Thursday June 11, 2009, 11:34 am EDT

DIX HILLS, NY–(MARKET WIRE)–Jun 11, 2009 — Solar Thin Films, Inc. (SLTN.OB) today announced that its subsidiary Kraft Elektronikai Zrt. of Budapest, Hungary has substantially completed the shipment of equipment for a 6MW amorphous silicon photovoltaic module manufacturing facility located in Bejar, Spain for its customer Grupo Unisolar, S.A., and has commenced installation of the line which is expected to be completed by the end of 2009. Grupo Unisolar, S.A. is a long established manufacturer of solar thermal panels sold throughout Spain. With the current shipment of equipment and commencement of installation, Kraft has now completed 58% of the estimated project total value of 7.799 million Euros (or $10.92 million dollars at current exchange rates).

Peter Lewis, Group Vice President, Thin Films Division, noted, “This is an important step forward for Solar Thin Films as the shipped equipment includes improvements to the system — a result of the recently signed Cooperation Agreement between Kraft and BudaSolar — that will be incorporated into future deliveries of our 6MW line as well as our 18MW and 36MW semi- and fully-automated lines.”

“It has been reassuring to know that the equipment for the first of two planned amorphous silicon manufacturing lines arrived as scheduled,” said Gonzalo Pellejero, General Manager of Grupo Unisolar, based in Madrid and Bejar (Salamanca) Spain. “Now with the installation underway and technical crews on site to assist in the scale up, we anticipate being able to begin marketing our own line of photovoltaic modules along with our existing proprietary solar thermal offering.”

About Grupo Unisolar, S.A.

Grupo Unisolar, S.A. currently manufactures and markets its own line of solar thermal panels, and will soon enter the market with its own line of amorphous silicon modules manufactured using equipment provided by Solar Thin Films. The Company sells both modules and complete systems through dealers and directly into larger scale installations within Spain.

April 23, 2009

Solar Thin Films Announces BudaSolar Wins Two Key R&D Awards; Exceeds $1.8 Million From Hungarian Government Agency

Filed under: SLTZ — Tags: , , , — Jason @ 12:28 pm

Projects Will Assist in Ongoing Effort to Increase Efficiency

Thursday April 23, 2009, 12:28 pm EDT

DIX HILLS, NY–(MARKET WIRE)–Apr 23, 2009 — Solar Thin Films, Inc. (SLTN.OB) today announced that it has been notified that BudaSolar Limited was awarded two separate research and development contracts by the Hungarian National Office for Research and Technology — the first targeting efficiency improvements for silicon based thin film solar cells and the second aimed at developing improved in-line monitoring tools for thin film processes. The project leader for the first award is BudaSolar’s CEO, Dr. Istvan Krafcsik, who is regarded as a pioneer of the Hungarian thin film solar industry. Solar Thin Films and its KRAFT Elektronikai Zrt. subsidiary have entered into a share exchange agreement which contemplates that KRAFT will acquire 100% of BudaSolar and Dr. Krafcsik and his associate will receive 49% of the share capital of KRAFT.

The first R&D contract in the amount of over US $3.0 million (at current exchange rates) has been awarded to a consortium consisting of BudaSolar, Optilab Ltd., the Research Institute for Technical Physics and Materials Science or MFA, and the Research Institute for Nuclear Research or ATOMKI. Total government support for BudaSolar as lead partner equals just over US $1.4 million (at current exchange rates).

“This project will complement our existing research capabilities and is another positive step in our efforts to run a world-class development effort aimed at continuous improvement of our industry leading amorphous silicon solution,” noted Dr. Csaba Ducso, Buda’s Head of Technology Development. The project goals include the development of processing techniques for higher efficiency micromorph solar modules. “Sharing laboratory development with multiple physical research institutes provides us with greater access to more sophisticated research equipment and enables us to complement our own research team with noted academic specialists,” said Buda’s Dr. Istvan Krafcsik. “Together we have a strong probability of success in an effort that would launch KRAFT forward with a high efficiency version of its ultra low cost batch process or ‘box carrier’ system, and would ensure continued competitiveness based on improving what is already acknowledged to be one of the world’s lowest cost production processes.”

The second contract in the amount of roughly US $3.6 million (at current exchange rates) has been awarded to lead partner Semilab, BudaSolar, the MFA, and the Department of Electronic Devices at Budapest Technical University. Total government support for BudaSolar is just over US $400,000 (at current exchange rates). The primary goal of the project is to develop in-line process monitoring tools that are optimized for thin film technology. The project leader, Semilab, is already noted for its in-line monitoring tools targeted at crystalline technologies and selected BudaSolar for its thin film expertise. Buda will retain the right to incorporate these tools into its “turnkey” offering.

Peter Lewis, Group Vice President of STF’s Thin Film and Equipment Division, commented, “This is further evidence that combining KRAFT’s equipment manufacturing expertise and BudaSolar’s process and development expertise will yield an industry leading low cost solution for the production of thin film solar modules.”

April 22, 2009

Solar Thin Films Announces Completion of Initial Shipments to Grupo Unisolar, S.A.

Filed under: SLTZ — Tags: , , — Jason @ 4:05 pm

Shipments Represent 20% of $10M Total Contract

Wednesday April 22, 2009, 4:05 pm EDT

DIX HILLS, NY–(MARKET WIRE)–Apr 22, 2009 — Solar Thin Films, Inc. (SLTN.OB) today announced that its subsidiary KRAFT Elektronikai Zrt. of Budapest, Hungary completed on April 21st the second of three planned shipments of equipment for a 6MW amorphous silicon photovoltaic module manufacturing facility located in Bejar, Spain for its customer Grupo Unisolar, S.A. Together with earlier shipments in March of 2009 and December of 2008 Kraft has now delivered a significant portion of its first turnkey facility full equipment valued at 1.56 million euros ($2.06 million at current exchange rates) towards completion of a project with an estimated total value of 7.799 million euros ($10.29 million at current exchange rates).

“We are delighted that this project is on track to date and we look forward to completing our equipment shipments and commencing installation in the coming months,” noted Peter Lewis, Group Vice President, Equipment and Thin Films Division. “This project is particularly important to KRAFT and to Solar Thin Films as it represents another step in our effort to transition KRAFT from an equipment supplier to a ‘turnkey’ systems supplier and because the equipment shipped includes improvements to the system as a result of the recently signed Cooperation Agreement between KRAFT and our new merger partner BudaSolar.”

Management expects that starting in 2009 a significant portion of the revenue generated from its KRAFT operation will be for such “higher margin turnkey systems” or Factory Sales rather than for individual pieces of equipment or Equipment Sales and as such began separating Factory Sale revenue from Equipment Sale revenue in its most recently issued 10K.

April 8, 2009

Solar Thin Films Announces Acquisition of BudaSolar Technologies Co. Ltd. and Management Reorganization

Filed under: SLTZ — Tags: , , , , — Jason @ 11:09 am

Acquisition to Bring New Process Technology and PipelineNew Organization to Allow Management to Better Focus on Core Businesses

Wednesday April 8, 2009, 11:09 am EDT

DIX HILLS, NY–(MARKET WIRE)–Apr 8, 2009 — Solar Thin Films, Inc. (SLTN.OB) today announced that it and its subsidiary, KRAFT Elektronikai Zrt. of Budapest, Hungary, have agreed to acquire BudaSolar Technologies Co. Ltd., also of Budapest, Hungary, in a transaction that management believes will bring new process expertise to the combined company, as well as an enhanced customer pipeline.

“In addition to bringing a highly qualified team of engineers and technicians together, we are thrilled to be working together again with Dr. Istvan Krafcsik, who, with Kraft’s Dr. Laszlo Farkas, co-founded Kraft over a decade ago. Dr. Krafcsik is a well regarded scientist with a long background in the photovoltaics industry, who together with a world-class development team located inside the Central Research Institute for Physics campus in Budapest, has already been able to bring improvements to our existing offering.”

Subject to the satisfaction of certain closing conditions, Kraft will acquire 100% of the share capital of BudaSolar and will issue to the BudaSolar Stockholders 49% of the share capital of Kraft. As a result, the Company will own 51% of Kraft and our 51% owned Kraft subsidiary will, in turn, own 100% of the share capital of BudaSolar. The closing is scheduled to occur as soon as practicable, but in any event by April 30, 2009. However, there can be no assurances that the share exchange will be consummated.

In addition, Kraft entered into five year employment agreements with each of Dr. Istvan Krafcsik and Attila Horvath as Chief Executive Officer and Chief Operating Officer of Kraft and its BudaSolar subsidiary, respectively.

Today, Solar Thin Films also announced that Peter Lewis will step down as CEO of the company to become Group Vice President, Equipment and Thin Films Division, so that he can better focus on the growing business opportunity afforded by Kraft’s proposed acquisition of BudaSolar. Mr. Lewis, whose focus since joining the company in June of 2007 has been to strengthen the company’s thin film offering and improve its customer pipeline, will represent Solar Thin Films on the board of directors of the new combined company and will help lead an expanded worldwide marketing effort.

“We are very happy to bring together two complementary teams, both with significant expertise in equipment and processes associated with the production and installation of ‘turnkey’ amorphous silicon lines using a process that yields among the lowest cost solar modules available today world-wide,” said Bob Rubin of Solar Thin Films. “To date, our collaboration has allowed us to offer a broader product line to prospective customers as a result of the joint Kraft/BudaSolar effort underway since last September and we are confident that the combined pipeline and marketing effort will yield positive results in the near future.”

“I am proud of the progress we have made at Kraft to migrate from an equipment supplier to a supplier of higher margin ‘turnkey’ amorphous silicon manufacturing lines,” noted Mr. Lewis. “Over the past 18 months, we have dramatically improved our product offering and quality assurance programs and have redirected our marketing effort at closing complete ‘turnkey’ lines as evidenced by our recent contract with Grupo Unisolar of Bejar Spain. Upon the consummation of the share exchange and the combination of the Kraft and BudaSolar teams, we intend to focus our future efforts on new product introductions and significantly expanding our sales pipeline.”

As part of the reorganization, Bob Rubin, Chairman, will also assume the responsibility of CEO, and will focus on expanding the solar businesses of Solar Thin Films beyond its Kraft and Solar Thin Power subsidiaries. Mr. Rubin noted, “I look forward to continuing my effort to expand the scope of Solar Thin Film’s businesses including first the prospective acquisition of Algatec, maker of metallurgical crystalline modules, and also our effort at ST Power to utilize both our thin film and soon metallurgical technology to build a power projects division.”

This press release is not a complete description of the amended and restated stock exchange agreement to acquire BudaSolar Technologies Co. Ltd. and reorganization of management. For additional information, a copy of the agreement and related transaction documents can be found in Solar Thin Film’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 7, 2009.

March 31, 2009

Solar Thin Films Retains Strategic Growth International, Inc. as Investor-Relations Advisor

Filed under: SLTZ — Tags: , , , — Jason @ 2:05 pm

Tuesday March 31, 2009, 2:05 pm EDT

DIX HILLS, NY–(MARKET WIRE)–Mar 31, 2009 — Solar Thin Films, Inc. (SLTN.OB), a developer, manufacturer and marketer of manufacturing equipment for the production of “thin-film” amorphous silicon photovoltaic, solar modules, has retained Strategic Growth International, Inc. (“SGI”), to perform certain U.S. and international investor-relations functions to increase awareness of Solar Thin Films in the investment community.

Regarding the announcement, Solar Thin Films Chairman and Chief Financial Officer Robert Rubin, stated, “Given our plans for rapid growth in the coming months, it was important for us to be represented internationally by a major investor relations firm that is well known and respected by investors in leading growth-companies. SGI’s expertise will help us to identify institutions internationally that recognize the value of our competitive advantage and the rapid growth opportunities that exist for ‘alternative energy’ related companies like Solar Thin Films. Leading the account for SGI is Stanley Altschuler, President and co-founder of Strategic Growth International. As we continue to expand our business and achieve our milestones we look forward to sharing our progress with the investment community worldwide.”

About Strategic Growth International

Founded in 1989, SGI is headed by Stanley Altschuler and Richard Cooper, two long-time and highly respected Wall Street veterans, who have assembled an experienced team of investment/financial professionals to serve the clients. Since its inception in 1989, Strategic Growth has achieved an unparalleled success for over two hundred clients.

November 7, 2008

Solar Thin Films, Inc. Enters Into Agreement to Acquire Algatec Solar AG

Filed under: SLTZ — Tags: , , , , , — Jason @ 9:00 am

Friday November 7, 9:00 am ET

DIX HILLS, NY–(MARKET WIRE)–Nov 7, 2008 — Solar Thin Films, Inc. (SLTN.OB), a developer, manufacturer and marketer of manufacturing equipment for the production of “thin-film” amorphous silicon photovoltaic solar modules, has entered into a share exchange agreement to acquire Algatec Solar AG (“Algatec”), a German company that produces and markets metallurgic silicon crystalline solar panels or modules.

Under the terms of the proposed transaction, the stockholders of Algatec will exchange 100% of the shares of capital stock of Algatec for 50,000 shares of Solar Thin Films Series B-5 convertible preferred stock. The Series B-5 preferred stock is convertible at any time at the option of the holders into that number of shares of Solar Thin Films common stock as shall represent 60% of its fully diluted common stock as at the date of closing of the Algatec acquisition, after giving effect to the share exchange and any additional shares of common stock issued or issuable in connection with any convertible securities or warrants issued prior to the acquisition. The shares issued to the Algatec stockholders are, however, subject to dilution resulting from the “Algatec Financing” described below or from the exercise of any of the 12.0 million outstanding Solar Thin Film warrants, exercisable at prices ranging from $2.00 to $3.30 per share. At the present time, a total of approximately 57.8 million shares of Solar Thin Films common stock are issued and outstanding.

Algatec currently has a backlog of contracted-for orders for crystalline photovoltaic solar modules of approximately 92 MW in 2009. Approximately 87% of the 2009 backlog, or 80 MW, is represented by sales to Q-Cells International GmbH, a leading producer of metallurgical crystalline and other solar cells capable of converting solar energy into electricity. Algatec has entered into an OEM agreement with Q-Cells for the sale of approximately 80 MW of crystalline photovoltaic solar modules in 2009, which Algatec believes will represent approximately $100.0 million in 2009 revenues. The OEM agreement with Q-Cells expires on December 31, 2009, and the renewal or extension of such agreement beyond such date is subject to negotiation and mutual agreement of the parties.

Based on its unaudited statement of operations, for the nine months ended September 30, 2008, Algatec and its predecessor generated approximately EUR 1.27 million (approximately USD $1.65 million) in net income on revenues of approximately EUR 8.6 million (approximately USD $11.2 million), as compared to its 2007 results of a loss of EUR 378,000 on revenues of EUR 2.5 million.

In order to increase its production capacity to meet its order backlog, Algatec will have to expand its existing manufacturing facility located in Prosen, Germany and install five lines of production equipment in its facility. The cost of such facility expansion and production lines is approximately EUR 34.6 million (USD $50.0 million). Completion of the Algatec acquisition is subject to a number of conditions, including execution of mutually acceptable definitive agreements, mutual due diligence by the parties, and completion of a $50.0 million debt financing for Algatec (the “Algatec Financing”). Solar Thin Films, Inc. is analyzing a number of fixed asset and equipment financing alternatives for Algatec, including a potential high yield senior secured note offering.

(more…)

October 3, 2008

Solar Thin Films Enters into Agreement to Acquire BudaSolar Technologies

Filed under: SLTZ — Tags: , , , — Jason @ 8:00 am

Friday October 3, 8:00 am ET

Solar Thin Films Gains Technology Expertise and New Order Pipeline

DIX HILLS, N.Y.–(BUSINESS WIRE)–Solar Thin Films, Inc. (SLTN), a developer, manufacturer and marketer of manufacturing equipment for the production of “thin-film” amorphous silicon photovoltaic modules, has, through Kraft Elektronikai Zrt (“Kraft”), its wholly-owned main operating subsidiary, signed a definitive stock exchange agreement to acquire BudaSolar Technologies Co. Ltd. (“BudaSolar”). BudaSolar, headquartered in Budapest, Hungary, designs and markets turnkey systems for the production of “thin-film” amorphous silicon solar modules.

In addition to Kraft and BudaSolar, other parties to the stock exchange agreement are Istvan Krafcsik, president of BudaSolar, Attila Horvath, chief operating officer of BudaSolar, New Palace Investments Ltd., wholly owned by Krafcsik and Horvath, (Krafcsik, Horvath and New Palace Investments, collectively the “BudaSolar stockholders”).

The stock exchange agreement consolidates ownership of BudaSolar by Kraft (to be renamed STF Technologies, Ltd. upon the closing of the stock exchange) which management believes will strengthen the engineering team, bring new development capabilities in-house, and expand the ability to install and commission turnkey systems.

Under the terms of the exchange agreement, Kraft will acquire from the BudaSolar stockholders 100% of the outstanding share equity capital of BudaSolar in exchange for 40% of the outstanding capital stock or share capital of Kraft to the BudaSolar stockholders. Closing is scheduled to occur on or before February 20, 2009 and is subject to certain customary conditions, including the company’s receipt of not less than $3.0 million in net proceeds from a public or private financing which shall be used to provide all or a portion of the share capital increase to Kraft.

“Combining forces with BudaSolar is designed to advance both our goal of becoming a leader in supplying cost-effective “thin-film” photovoltaic module manufacturing equipment and our transition from lower margin equipment sales to higher margin ‘turnkey’ system sales,” said Peter Lewis, chief executive officer of Solar Thin Films. “BudaSolar personnel bring extensive expertise in the design, installation and commissioning of turnkey amorphous silicon lines which produce “thin-film” amorphous silicon photovoltaic modules. By joining together, Solar Thin Films is positioning itself to command leading-edge technical expertise in the development of amorphous silicon and micro-crystalline/amorphous tandem cells, as well as gain access to a strong pipeline of new business. Our combined expertise – their process knowledge and our equipment base – will help differentiate us in the marketplace.”

This press release is not a complete description of the stock exchange agreement and the transactions contemplated therein. For additional information, a copy of the agreement and related transaction documents can be found in Solar Thin Film’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2008.

September 9, 2008

Solar Thin Films Schedules Delivery and Installation Of 5MW Amorphous Silicon Module Manufacturing Plant For Grupo Unisolar, S.A.

Filed under: SLTZ — Tags: , , , , — Jason @ 8:00 am

Tuesday September 9, 8:00 am ET

Company Receives Balance of Initial 30% Installment Against $12.3 million Contract

DIX HILLS, N.Y.–(BUSINESS WIRE)–Solar Thin Films, Inc. (SLTN.OB), a developer, manufacturer and marketer of manufacturing equipment for the production of “thin-film” amorphous silicon (a-Si) photovoltaic modules, has received $3.6 million from Grupo Unisolar, S.A. (“Grupo Unisolar”) against the $12.3 million contract to build a 5MW turn-key amorphous silicon (a-Si) module thin-film photovoltaic manufacturing plant in Spain. With this 30% deposit, Solar Thin Films has moved beyond the planning stage, and has begun to fulfill the contract.

Delivery and installation is expected to commence in late 2008 and to be completed during 2009. Solar Thin Films will receive an additional 50% of the $12.3 million dollar purchase price upon delivery of the equipment throughout 2009, and the remaining 20% upon completion and acceptance. Under the terms of the turnkey sale, Solar Thin Films will also provide certain installation and testing services to Grupo Unisolar.

“With this payment, we are ready to move beyond the initial phases of the project and schedule the first deliveries for the fourth quarter. We expect to deliver and install throughout 2009 and to have acceptance late next year,” said Peter Lewis, chief executive officer of Solar Thin Films. “This plant is another opportunity for Solar Thin Films to demonstrate its capabilities and process expertise in producing a complete line of cost-efficient manufacturing equipment for the production of thin-film amorphous silicon modules. The environmental and cost advantages of thin-film a-Si over crystalline silicon and other thin-film technologies is creating many opportunities for us to expand our share of the photovoltaics market and establish Solar Thin Films as a clear leader in supplying cost-effective, thin-film photovoltaic module manufacturing equipment. As thin-film technology continues to advance we anticipate it will play an increasing role relative to crystalline silicon and garner a growing share of the solar power market,” concluded Lewis.

August 20, 2008

Solar Thin Films Signs Strategic Alliance and Cross License Agreement with Amelio Solar Inc.

Filed under: SLTZ — Tags: , , , — Jason @ 8:00 am

Wednesday August 20, 8:00 am ET

Will Market and Manufacture Equipment Using Copper Indium Gallium Diselenide (CIGS) Technology
Company Enters Into Stock Purchase Agreement with Kiss Family

DIX HILLS, N.Y.–(BUSINESS WIRE)–Solar Thin Films, Inc. (SLTN.OB), a developer, manufacturer and marketer of manufacturing equipment for the production of “thin-film” amorphous silicon photovoltaic modules, has entered into a strategic alliance and cross license agreement with Amelio Solar Inc.

Under this agreement Solar Thin Films will market and sell photovoltaic products using copper indium gallium diselenide (CIGS) technology developed and commercialized by Amelio Solar, and has rights to manufacture PV module manufacturing equipment using CIGS technology subject to certain terms and agreements.

Concurrent with the strategic alliance and cross license agreement, the company has signed a stock purchase agreement to arrange for the sale of an aggregate of 18.0 million shares of common stock owned by the Kiss family. The strategic alliance, cross license and stock purchase agreements are expected to close simultaneously on or about November 30, 2008 coincident with a capital markets transaction currently contemplated by the company.

“As the solar industry continues to shift toward thin film photovoltaic applications, the technology will continue to evolve,” said Peter Lewis, chief executive officer of Solar Thin Films. “Today our expertise lies in the process know-how required to produce a complete line of manufacturing equipment for the production of thin-film amorphous silicon modules. And we believe that amorphous silicon offers cost advantages over other commercially viable thin film materials available in the market. At the same time, we want to prepare for the emergence of other cost-effective thin film technologies, including CIGS and micro crystalline, by forming partnerships with companies like Amelio Solar and through our own research and development activities. Therefore, our plan is to position Solar Thin to utilize other thin film materials as the industry evolves.”

Continued Lewis, “Since 2005 we have been working closely with Amelio Solar on developing thin film CIGS technology. They are an ideal partner for Solar Thin Films as we continue to expand the company’s technology portfolio without diverting our attention from the many opportunities available to us to expand our share of the amorphous silicon market. Having access to CIGS technology is an important addition to our capability as we advance our goal of becoming a leader in supplying cost-effective thin film photovoltaic module manufacturing equipment.”

August 14, 2008

Solar Thin Films, Inc. Enters Into Agreement With Ulster County, New York to Establish a Solar Module Manufacturing Facility

Filed under: SLTZ — Tags: , — Jason @ 3:27 pm

Thursday August 14, 3:27 pm ET

DIX HILLS, NY–(MARKET WIRE)–Aug 14, 2008 — Solar Thin Films, Inc. (SLTN.OB), a developer, manufacturer and marketer of manufacturing equipment for the production of “thin-film” amorphous silicon photovoltaic modules, announced today the signing of an agreement with Ulster County, New York, for the establishment of a solar module manufacturing plant. The accord was negotiated with Congressman Maurice Hinchey (D-NY), Ulster County officials, and representatives from the Ulster County Development Corporation (UCDC) and The Solar Energy Consortium (TSEC). As part of the transaction, the Company will establish a new manufacturing facility in Ulster County. The facility will represent Solar Thin Films’ first amorphous solar module manufacturing plant in the United States.

The Company will utilize solar module manufacturing machinery produced by Kraft Electronikai Srt., based in Budapest, Hungary, a subsidiary of Solar Thin Films. The Company anticipates that, once established, the facility will be capable of establishing six lines of equipment capable of producing 36 megawatts of module power. In addition, Solar Thin Films will also use its new Ulster County location for research into the enhancement of amorphous silicon module efficiency as well as the development of copper indium gallium selenide (CIGS) panels. The parties believe that the new facility will create a substantial number of new jobs in Ulster County over the next five years.

In his keynote statement, Congressman Hinchey said:

“Today we take another enormous step forward in our goal of establishing the Hudson Valley and all of New York as a national and international hub for solar research and development. I am especially pleased that Solar Thin Films uses amorphous silicon since it is the most well-developed thin film technology to-date and has a promising avenue of further development. Solar Thin Films is playing a critical role in the steady advancement of solar technology by increasing the efficiency of solar products and lowering their costs. I am excited to welcome into The Solar Energy Consortium, Solar Thin Films — a firm dedicated to making solar technology more mainstream across the county, state and country.”

“TSEC is to be complimented in making Solar Thin Films aware of the enormous potential available in Ulster County as the company pursues its goal to be a leading provider of amorphous silicon solar modules,” Robert Rubin, Solar Thin Films’ Chairman said. “TSEC and the Ulster County Development Corporation have assisted Solar Thin Films in finding an appropriate factory site, have assisted us in satisfying our financial needs and have been instrumental in forging potential power partnerships with local utilities. These steps will be instrumental in protecting the environment, reducing our need and utilization of oil and significantly alter the rate of the energy cost spiral. We hope to be a major employer in the county and more importantly a very good neighbor.”

Solar Thin Films will formally apply for a $10 million industrial development bond with the assistance of the Ulster County Development Corporation in order to aid in the purchase of equipment. Ultimately, Solar Thin Films will invest approximately $60 million into the manufacturing and research components.

The amorphous silicon modules produced in Ulster County will be offered for sale worldwide.

June 5, 2008

Solar Thin Films Enters into Letter of Intent to Acquire Majority Interest in BudaSolar Technologies

Filed under: SLTZ — Tags: , , — Jason @ 4:01 pm

Thursday June 5, 4:01 pm ET

Provides Solar Thin Film an Opportunity to Invest in Strong R&D and a New Order Pipeline that is Expected to Contribute to the Company’s Substantial Backlog

DIX HILLS, N.Y.–(BUSINESS WIRE)–Solar Thin Films, Inc. (SLTN.OB), a developer, manufacturer and marketer of manufacturing equipment for the production of “thin-film” amorphous silicon and CIGS photovoltaic modules, has signed a letter of intent to acquire a majority 60% interest in BudaSolar Technologies Co., Ltd. for an initial $3 million in working capital funding, with an option to purchase the remaining 40% minority interest, based on a multiple of earnings, in the combined company described below.

BudaSolar is a developer of thin film technologies and manufacturing equipment headquartered in Budapest, Hungary. The agreement contemplates consolidation of the two companies into a single entity to be called STF Technologies, Zrt. The proposed consolidation, which joins BudaSolar operations with Kraft Elektronikai Zrt, Solar Thin Film’s main operating subsidiary in Hungary, would strengthen the engineering team, secure local equipment manufacturing capacity, and expand production capability.

“This proposed agreement to invest in BudaSolar Technologies is another step forward in our goal to become a leader in supplying cost-effective thin film photovoltaic module manufacturing equipment,” said Peter Lewis, chief executive officer of Solar Thin Films. “We are joining together with a group of individuals who have led our industry in the design, installation and commissioning of turnkey amorphous silicon lines producing thin film amorphous silicon photovoltaic modules. BudaSolar offers Solar Thin Films leading-edge technical expertise in the development of amorphous silicon and micro-crystalline/amorphous tandem cells and some key BIPV technologies, as well as access to a strong pipeline of new business. Our combined expertise should offer us a strong competitive advantage in the marketplace.”

May 30, 2008

Solar Thin Films Partners with China Singyes Holding to Establish 100MW Module Manufacturing Facility in China

Filed under: SLTZ — Tags: , , — Jason @ 8:00 am

Friday May 30, 8:00 am ET

Agreement Opens New Markets and Customer Channels for Solar Thin Films

DIX HILLS, N.Y.–(BUSINESS WIRE)–Solar Thin Films, Inc. (SLTN.OB), a developer, manufacturer and marketer of manufacturing equipment for the production of “thin-film” amorphous silicon and CIGS photovoltaic modules, has signed a memorandum of understanding (“MOU”) with China Singyes Holding Limited to build out 100MW of module manufacturing capacity in China. Under the MOU, Solar Thin Films will supply equipment, technology and general engineering and design support, and retain certain rights outside of China to market and distribute building integrated photovoltaic (BIPV) products.

“This proposed arrangement with China Singyes could be a significant step forward in our goal to become a leader in supplying cost-effective, thin film photovoltaic module manufacturing equipment,” commented Peter Lewis chief executive officer of Solar Thin Films.. Combined with our recently announced $12.3 million order from Grupo Unisolar, S.A to build a 5MW turn-key a-SI Module plant in Spain, it clearly shows the progress we are making.

“Pursuant to the MOU, Solar Thin Films expects to install cost-effective thin-film photovoltaic manufacturing equipment through 2011. Equipment installation is expected to commence as early as the fourth quarter of 2008. The initial production and sale of BIPV products could begin in 2009,

“This is a terrific opportunity for us as China Singyes is one of the country’s largest curtain wall engineering companies, with numerous projects inside and outside China, and a demonstrated commitment to expand an already existing presence in the solar field,” concluded Lewis. “Our rights to market BIPV output from the new facility outside of China would also open new customer channels and markets for us within the construction industry.”

Solar Thin Films and China Singyes are currently minority shareholders and board members of CG Solar, a “thin-film” module manufacturing company located in Weihai, China, that utilizes equipment produced by Solar Thin Films.

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